Sanmina Corporation · NASDAQ:SANM
Sanmina — Q4 2025 Earnings Presentation
31 slides from Sanmina's earnings presentation, Nov 3, 2025
Slide 1: Q4 & FY'25 Financial Results
Q4 & FY’25 Financial Results November 3, 2025
Slide 2: Today's Presenters
Today’s Presenters Jure Sola Jon Faust Chairman & CEO EVP & CFO 2
Slide 3: Safe Harbor Statement
Safe Harbor Statement Certain statements made during this presentation, including our financial outlook for the first quarter fiscal 2026 and expectations for growth generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exc
Slide 4: FY'25 Highlights
FY’25 Highlights Non-GAAP Non-GAAP Cash Flow Revenue Operating Margin Diluted EPS From Operations $8.13B 5.7% $6.04 $621M 7.4% Y/Y revenue growth Double digit Y/Y growth in Communications Networks, Cloud and AI Infrastructure, Medical, and Defense and Aerospace Non-GAAP operating margin expand
Slide 5: Financial Overview
Financial Overview Jon Faust
Slide 6: Non-GAAP Financial Highlights (Actual vs Outlook)
Non-GAAP Financial Highlights (Actual vs Outlook) Q4 FY’25 Outlook WAS Revenue: $2.1B $2.0B - $2.1B Gross Margin: 9.4% 8.7% - 9.2% Operating Margin: 6.0% 5.5% - 6.0% Diluted EPS: $1.67 $1.52 - $1.62 Strong Operational Execution Refer to GAAP to non-GAAP reconciliation on slide 26. 6
Slide 7: Q/Q Non-GAAP P&L Performance
Q/Q Non-GAAP P&L Performance ($ in millions, except per share data) Revenue Non-GAAP Gross Margin 8.7% 9.0% 9.1% 9.1% 9.4% $2,018 $2,006 $1,984 $2,042 $2,096 $180 $181 $186 $196 $175 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Non-GAAP Operating Margin Non-GAAP Diluted EPS 5.6% 5.6%
Slide 8: Segment Reporting: Revenue and Non-GAAP Gross Margin
Segment Reporting: Revenue and Non-GAAP Gross Margin* ($ in millions) Integrated Manufacturing Solutions Components, Products and Services $1,628 $1,623 $1,604 $1,648 $1,681 $422 $448 $418 $416 $411 13.6% 13.9% 14.7% 14.5% 12.5% 7.3% 7.9% 7.7% 7.5% 7.8% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4'24 Q1'25 Q2'2
Slide 9: Y/Y Non-GAAP P&L Performance
Y/Y Non-GAAP P&L Performance ($ in millions, except per share data) Revenue Non-GAAP Gross Profit / Margin 9.2% 7.4% $8,128 $7,568 8.7% $744 $661 FY'24 FY'25 FY'24 FY'25 Non-GAAP Operating Income / Margin Non-GAAP Diluted EPS 5.7% 5.4% 14.4% $6.04 $5.28 $465 $406 FY'24 FY'25 FY'24 FY'25 Refer to GAA
Slide 10: Balance Sheet Highlights
Balance Sheet Highlights ($ in millions) 9/27/2025 Cash and cash equivalents 926 Key Takeaways: Accounts receivable, net 1,400 Contract assets 426 Strong cash position Inventories 1,988 Property, plant and equipment, net 682 No borrowings under $800M Revolver at quarter end Deferred income tax a
Slide 11: Q4 and FY'25 Cash Flow Highlights
Q4 and FY’25 Cash Flow Highlights ($ in millions) Cash Flow from Operations: $199 million Net CapEx: $62 million Free Cash Flow: $137 million $156 million Non-GAAP EBITDA: FY’25: $585 million Share Repurchases: FY’25: Approximately 1.44 million shares for $113.7 million All figures for Q
Slide 12: ZT Systems Transaction Update
ZT Systems Transaction Update
Slide 13: Completion of ZT Systems - Transaction Details
Completion of ZT Systems - Transaction Details Original Latest Comments Closing Date Near end of CY’25 October 27, 2025 Received regulatory approval faster than anticipated Closing Purchase Price $3.0 Billion $2.05 Billion Impacted by timing of closing relative to working capital – Net Working C
Slide 14: Strong Balance Sheet & Liquidity Position
Strong Balance Sheet & Liquidity Position Total Funded Debt Liquidity Term Loan A $1,400 Million Cash(1) $926 Million Term Loan B $800 Million Revolver $1,500 Million Total Funded Debt $2,200 Million Term Loan Delayed Draw $600 Million Total Liquidity $3,026 Million Targeting 1.0x-2.0x net leverage
Slide 15: Q1 FY'26 Outlook
Q1 FY’26 Outlook Revenue Non-GAAP Operating Margin* Non-GAAP Diluted EPS* $2.9B - $3.2B 5.6% - 6.1% $1.95 - $2.25 Legacy Sanmina revenue of $2.05 billion to $2.15 billion Two months revenue of ZT Systems of $0.85 billion to $1.05 billion ZT Systems margin profile in line with legacy Sanmina
Slide 16: Business Review
pa wa Business Review Jure Sola
Slide 17: Overview
Overview Q4 strong results Revenue and non-GAAP operating margin at the high-end of our outlook Non-GAAP gross margin and non-GAAP diluted EPS exceeded our outlook FY’25 in line with outlook Consistent Execution – Driving Financial Performance 17
Slide 18: Revenue by End-Market
Revenue by End-Market ($ in millions) Q4 FY’24 Q4 FY’25 FY’24 FY’25 Industrial and Energy, Medical, Defense and Aerospace, and $1,253 $1,247 $4,916 $5,023 Automotive Communications Networks and $765 $849 $2,652 $3,105 Cloud and AI Infrastructure Total $2,018 $2,096 $7,568 $8,128 FY’25 Top 10 Custome
Slide 19: End-Market View: Positive Trends
End-Market View: Positive Trends Industrial, Medical, Defense and Aerospace, and Automotive Strong base of customers Industrial and Energy New projects in the pipeline to drive growth in FY’26 Well diversified within the market Medical Nice growth in FY’26 Continue to see solid demand Defe
Slide 20: Sanmina AI / ZT Systems
Sanmina AI / ZT Systems “End-to-End” FULL SYSTEM INTEGRATION AT SCALE Stronger Together - Accelerating the Future of Cloud and AI Infrastructure 20
Slide 21: Sanmina's Priorities
Sanmina’s Priorities 1 2 3 Focus on Customers Execute on ZT Systems Drive Opportunities Profitable Growth Maximize Shareholder Value 21
Slide 22: Summary
Summary Finished FY’25 with strong momentum Executing on the transformation from a position of strength Expect legacy Sanmina business to continue to grow high single digits Expect solid growth in Cloud and AI end-market in second half of CY’26 and 2027 Our capabilities in Cloud and AI wil
Slide 23: Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP
Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP Quarter Ended: September 27, 2025
Slide 24: Condensed Consolidated Balance Sheets
Sanm ina Corporation Condensed Consolidated Balance Sheets (in thousands) (GAAP) (Unaudited) Septem ber 27, Septem ber 28, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 926,267 $ 625,860 Accounts receivable, net 1,400,129 1,337,562 Contract assets 425,944 384,077 Inventories 1,988,462
Slide 25: Condensed Consolidated Statements of Income
Sanm ina Corporation Condensed Consolidated Statem ents of Incom e (in thousands, except per share am ounts) (GAAP) (Unaudited) Three Months Ended Tw elve Months Ended Septem ber 27, Septem ber 28, Septem ber 27, Septem ber 28, 2025 2024 2025 2024 Net sales $ 2,096,392 $ 2,017,505 $ 8,128,382 $ 7,56
Slide 26: Reconciliation of GAAP to Non-GAAP Measures
Sanm ina Corporation Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share am ounts) (Unaudited) Three Months Ended Tw elve Months Ended Septem ber 27, June 28, March 29, Decem ber 28, Septem ber 28, Septem ber 27, Septem ber 28, 2025 2025 2025 2024 2024 2025 2024 GAAP Gross pr
Slide 27: Condensed Consolidated Cash Flow
Sanm ina Corporation Condensed Consolidated Cash Flow (in thousands) (GAAP) (Unaudited) Three Months Ended Tw elve Months Ended Septem ber 27, Septem ber 28, Septem ber 27, Septem ber 28, 2025 2024 2025 2024 Net income before noncontrolling interest $ 51,973 $ 67,340 $ 266,260 $ 237,751 Depreciation
Slide 28: Pre-Tax Return on Invested Capital (ROIC)
Sanm ina Corporation Pre-Tax Return on Invested Capital (ROIC) ($ in thousands) (Unaudited) Three Months Ended Septem ber 27, Septem ber 28, 2025 2024 GAAP Operating income $ 78,465 $ 89,590 x 4.0 4.0 Annualized GAAP Operating income 313,860 358,360 Average invested capital (1) ÷ 1,784,820 1,865,140
Slide 29: Reconciliation of GAAP to Non-GAAP Measures: EBITDA
Sanm ina Corporation Reconciliation of GAAP to Non-GAAP Measures: EBITDA (in thousands) (Unaudited) Three Months Ended Tw elve Months Ended Septem ber 27, Septem ber 28, Septem ber 27, Septem ber 28, 2025 2024 2025 2024 EBITDA GAAP Operating Income $ 78,465 $ 89,590 $ 354,568 $ 335,494 Depreciation
Slide 30: Schedule 1
Schedule 1 The statements above and financial information provided in the fourth quarter earnings release include non-GAAP measures of gross profit, gross margin, operating income, operating margin, net income, earnings per share, ROIC and EBITDA. Management excludes from these measures stock-based
Slide 31: Thank you
Thank you